MCX Copper April’17: Lower Range Is To Cover Short Position
MCX Copper (Price figures below are in Rs/INR per Kg
Exit long and sell on rise from 382.8-385.60 with a stop loss of 391.
Expect lower range of 380.4-375 to be tested.
Lower range can be used to cover short position.
The contract bottom is at 371.34.
Fall towards the contract bottom could be an opportunity to cover short position.
The demand zone attached with the bottom is 376-371.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Short
382.8
394.2
DOWN
398.1
2.03
375.2
380.4
383.2
385.6
390.8
*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Last Close
Price G/L%
Volume
V -G/L%
Open Interest
OI -G/L %
Candle
Position
382.8
0.3
36162000
-0.6
16735
-3.2
Indecisive
Unwinding
TECHINCAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-Stochastic
MACD
1-ROCMACD
RS
1-ROCRS
36.95
3.58
12.47
64.79
-3.91
-17.33
31.94
25.82
Note: Red Color Bar= Down Trend, Green Color Bars= Up Trend, Blue Color Bars= Sideways(Trend could be up or down), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Blue Color dots above the price are profit booking alerts. Purple dot on the charts are swing top/bottoms could be in place.
Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.
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